The Dow closed at 24,345.75. Monday's losses came on top of Friday's 666-point drop in the blue-chip index, which resulted in the worst week for the index in two years. Other major stock indexes also fell Monday, with the S&P 500 down 113 points, or 4.1 percent, and the Nasdaq down 273 points, or 3.8 percent.

The Dow closed down 4.6 percent and turned negative for the year. At one point Monday afternoon, the Dow was down 1,579 points — the largest intraday point drop in the history of the index. The previous largest point drop for the Dow was 778 points. That was in September 2008, in the midst of the financial crisis.